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Smithfield Foods Reports Strong Third Quarter Results

Momentum in Packaged Meats Builds

Highlights
  • Net income was $81.5 million, or $.58 per diluted share
  • Sales +3% to $3.6 billion
  • Packaged meats operating profit +7% to $126 million
  • Packaged meats volume +5% and core brand volume +6%
  • International profitability strong with 11% margin
  • Repurchased 8.2 million shares for $174 million in third quarter

SMITHFIELD, Va., March 7, 2013 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) today reported strong fiscal 2013 third quarter results, driven by growth in packaged meats and solid contributions from international operations, as the company continued to execute its plan to transform into a more value-added consumer packaged meats company.

Smithfield achieved volume growth in nine of its twelve core brands in the third quarter. Specifically, its Smithfield, Eckrich, Farmland and Margherita brands were up double-digits. "Our Smithfield bacon, Eckrich dinner sausage and Armour dry sausage all achieved double-digit growth. We gained market share in the bacon, dinner sausage, dry sausage and ham steak categories. We were also very successful in broadening distribution of our core brands in a number of key product categories including bacon, dinner sausage, deli meats, dry sausage and ham steaks," said C. Larry Pope, president and chief executive officer.

Packaged meats operating profit increased $8.5 million, or 7%, to $125.9 million in the third quarter and volume was up over 5%. Core brand volume grew even more substantially, up 6%. Packaged meats sales dollars and volume grew across all trade channels, including retail, foodservice, deli and export.

Sales for the third quarter of fiscal 2013 were $3.6 billion, up 3%, resulting from higher volumes in all segments. Net income was $81.5 million ($.58 per diluted share) compared to net income of $79.0 million ($.49 per diluted share) last year. After adjusting for Campofrío and early debt extinguishment charges, adjusted EPS in the third quarter of fiscal 2012 was $.69 on a non-GAAP basis.

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